Term Life Insurance
Level Term Life Insurance
As the name suggests, this type of policy provides coverage for a set period of time, or “term.” The premiums for this policy are level, meaning they do not increase with age.
Decreasing Term Life Insurance
This type of policy is often used in conjunction with a mortgage. The death benefit decreases over time as the balance of the mortgage decreases.
Renewable Term Life Insurance
This type of policy can be renewed at the end of the term, without having to undergo a new medical examination.
Convertible Term Life Insurance
This type of policy allows the policyholder to convert their term life insurance into a whole life or universal life insurance policy.
Pros for term life insurance:
- It is the most affordable type of life insurance.
- You can choose the length of time you need coverage for (usually up to 30 years).
- Your beneficiaries will receive a death benefit if you die during the term of the policy.
Cons for Term life insurance:
- The policy expires at the end of the term and you will no longer have coverage.
- If you outlive the term of the policy, you will not receive any death benefit.
- You may need to renew your policy at a higher premium if you want to continue your coverage.
Testimonials
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